Preestablished harmony: The Japanese government's demand for Japanese government bonds

Onji, Kazuki; Kameda, Keigo; Akai, Nobuo

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Preestablished harmony: The Japanese government's demand for Japanese government bonds

Date

2012

Authors

Onji, Kazuki

Kameda, Keigo

Akai, Nobuo

Publisher

Elsevier

Abstract

The Japanese government is heavily indebted but the yield on the Japanese government bond (JBG) remains low to date. We hypothesize that the presence of the Japanese government as a large stable investor of JGBs exerted a stabilizing influence on private